证券代码：001215 证券简称：千味央厨 公告编号：2024-076 郑州千味央厨食品股份有限公司 关于 2021 年限制性股票激励计划部分限制性股票回购注销 完成的公告 本公司及其董事会全体成员保证信息披露内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、郑州千味央厨食品股份有限公司（以下简称"公司"）2021 年限制性股 票激励计划此次回购注销的限制性股票数量为 2,951 股，占回购注销前公司总股 本 99,266,097 股的 0.003%，回购价格为 30.5 元/股，涉及激励对象 5 人。 2、经中国证券登记结算有限责任公司深圳分公司审核确认，公司本次部分 限制性股票回购注销事宜已于 2024 年 11 月 6 日办理完成。 3、回购完成后，公司股份总数由 99,266,097 股减少为 99,263,146 股。 一、公司限制性股票激励计划已履行的相关审批程序 1、2021 年 11 月 1 日，公司第二届董事会第二十次会议审议通过了《郑州 千味央厨食品股份有限公司 2021 年限制性股票激励计划（草案）》及其摘要、 《郑州千味央厨食品股份有限公司 2021 年限 ...

证 2024 年 11 月 03 日 报 告 基本数据 2024-11-01 当前股价（元） 31.14 总市值（亿元） 31 总股本（百万股） 99 流通股本（百万股） 98 52 周价格范围（元） 21.42-59.91 日均成交额（百万元） 63.11 公 司 研 究 究 业绩边际承压，积极应对价格竞争 —千味央厨（001215.SZ）公司事件点评报告 买入(维持) 事件 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 联系人：张倩 S1050124070037 zhangqian@cfsc.com.cn 市场表现 -80 -60 -40 -20 0 20 40 (%) 千味央厨 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《千味央厨（001215）：利润表 现承压，推进腰部客户开发》2024- 08-29 2、《千味央厨（001215）：业绩稳 健增长，推进客户开发》2024-04- 29 3、《千味央厨（001215）：核心单 品培育显成果，经销商结构优化增 动能》2023-10-25 2024 年 10 月 29 日，千味央厨发布 2024 年三季 ...

Investment Rating - The investment rating for the company is "Buy" [2][4]. Core Views - The company's Q3 2024 revenue met expectations, but profits are under short-term pressure due to increased price discounts and heightened promotional efforts targeting small B-end customers. The company is actively maintaining market share and expanding channels, with expectations for gradual recovery [3][4]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved revenue of 1.364 billion yuan, a year-on-year increase of 2.70%. The net profit attributable to the parent company was 82 million yuan, down 13.49% year-on-year. The net profit excluding non-recurring items was 81 million yuan, a decrease of 1.25% year-on-year. In Q3 2024 alone, revenue was 472 million yuan, down 1.17% year-on-year, with a net profit of 22 million yuan, down 42.08% year-on-year [4]. Cost and Margin Analysis - The gross margin for Q3 2024 remained stable at 22.4%. Despite price declines in large B-end products, cost reductions partially offset this impact, leading to a slight decrease in gross margin. The small B-end benefited from new product launches, resulting in a slight margin increase [4]. Market Strategy - The company is focusing on new product launches to drive sales growth and optimize product structure. In Q3 2024, the company successfully introduced new products in the small B-end market. The strategy includes actively expanding channel customers and stabilizing market share, with increased price discounts and enhanced promotion of new categories [4]. Earnings Forecast - The EPS forecasts for 2024-2026 have been revised down to 1.18 yuan (-0.30), 1.46 yuan (-0.25), and 1.81 yuan (-0.27) respectively. The target price has been raised to 36.60 yuan, based on a 25x PE for 2025, reflecting the company's strong recovery potential and future growth prospects in the industry [4].

千味央厨（001215.SZ） 食品加工 证券研究报告/公司点评报告 2024 年 11 月 01 日 执业证书编号：S0740517030001 Email：fanjs@zts.com.cn 报告摘要 事件：公司发布 2024 年三季报。24 年前 3 季度，公司实现营业总收入 13.64 亿 元，同比+2.70%；归母净利润 0.82 亿元，同比-13.49%；扣非归母净利润 0.81 亿 元，同比-1.25%。3Q24，公司实现营业总收入 4.72 亿元，同比-1.17%；实现归母 净利润 0.22 亿元，同比-42.08%；扣非归母净利润 0.23 亿元，同比-23.54%。 需求偏淡，收入承压。3Q24，公司营收同比下滑 1.17%，环比增加 10%，需求展现 出一定的旺季不旺特征，对公司营收增长形成一定压力，静待下游餐饮景气度企 稳回暖。 费用投放有所加大，盈利能力仍旧承压。3Q24，公司毛利率为 22.44%，同比 +0.04pcts；公司销售/管理/研发/财务费用率为 4.89%/9.26%/1.28%/-0.07%，同 比+0.81/+1.19/+0.15/-0.41pcts，费用投放有所加 ...

证券代码：001215 证券简称： 千味央厨 公告编号：2024-075 郑州千味央厨食品股份有限公司 关于股份回购进展情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 郑州千味央厨食品股份有限公司（以下简称"公司"）于 2024 年 4 月 26 日 召开第三届董事会第十四次会议，于 2024 年 5 月 17 日召开 2023 年年度股东大 会，审议通过了《关于以集中竞价交易方式回购公司股份方案的议案》，同意公 司拟使用自有资金以集中竞价交易方式回购公司已发行的人民币普通股（A 股） 股票，用于注销以减少注册资本。本次回购资金总额不低于人民币 6,000 万元（含） 且不超过人民币 10,000 万元（含），回购价格不超过人民币 61.90 元/股（含）。 回购股份的期限为自公司股东大会审议通过本回购方案之日起 12 个月内。具体 内容详见公司 2024 年 4 月 27 日在巨潮资讯网（http://www.cninfo.com.cn）及《证 券时报》《证券日报》《中国证券报》《上海证券报》上披露的《关于以集中竞价 交易方式回购股份方案的公告》 ...

证券研究报告：食品饮料 | 公司点评报告 2024 年 11 月 1 日 公司基本情况 最新收盘价（元） 30.25 总股本/流通股本（亿股）0.99 / 0.98 总市值/流通市值（亿元）30 / 30 52 周内最高/最低价 59.91 / 21.42 资产负债率(%) 32.8% 市盈率 19.15 第一大股东共青城城之集企业管理 咨询有限公司 研究所 股票投资评级 买入|维持 个股表现 -63% -56% -49% -42% -35% -28% -21% -14% -7% 0% 2023-10 2024-01 2024-03 2024-06 2024-08 2024-10 千味央厨 食品饮料 资料来源：聚源，中邮证券研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 千味央厨(001215) 大 B 份额企稳，费投增加为明年夯实基础 ⚫ 事件 公司2024年前三季度实现营业总收入/营业收入/归母净利润/扣 非净利润 ...

证券研究报告 | 2024年10月30日 千味央厨（001215.SZ） 优于大市 第三季度收入同比减少 1.17%，盈利能力短期承压 公司 2024 第三季度收入同比减少 1.17%。2024 前三季度实现营业总收入 13.64 亿元，同比增长 2.70%；实现归母净利润 0.82 亿元，同比减少 13.49%； 实现扣非归母净利润 0.81 亿元，同比减少 1.25%；2024 第三季度实现营业 总收入 4.72 亿元，同比减少 1.17%；实现归母净利润 0.22 亿元，同比减少 42.08%；实现扣非归母净利润 0.23 亿元，同比减少 23.54%。 大 B 基本盘保持韧性，小 B 努力拓渠推新。分场景看，宴席场景受到社会消 费复苏偏弱和理性消费趋势影响产生下滑，餐饮场景经销商存量有一定韧 性。公司与经销商协同拓展客户，部分合作较好的经销商三季度正向增长。 公司与大 B 渠道保持紧密联系，优质产品保证存量份额，同时帮助小 B 渠道 开发客户，稳固渠道基础，树立渠道信心。 压力环境依旧保持新品投入，盈利能力短期承压。2024 第三季度公司毛利率 22.4%，同比/环比+0.1/-2.6pct，预计源于 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company's performance is under short-term pressure but has positive long-term growth prospects. The revenue for the first three quarters of 2024 reached 1.364 billion RMB, a year-on-year increase of 2.70%, while the net profit attributable to shareholders was 82 million RMB, a decrease of 13.49% year-on-year [3][5]. Revenue and Profit Analysis - In Q3 2024, the company achieved a revenue of 472 million RMB, down 1.17% year-on-year, and a net profit of 22 million RMB, down 42.08% year-on-year. The non-recurring net profit was 23 million RMB, down 23.54% year-on-year [3][4]. - The company is facing pressure on revenue from large B customers due to weak external demand and reduced growth momentum. However, it maintains a solid foundation in the small B segment through brand and channel advantages [3][4]. Margin and Expense Analysis - The gross margin for Q1-Q3 2024 was 24.3%, an increase of 1.31 percentage points year-on-year, while Q3 2024 gross margin was 22.4%, an increase of 0.03 percentage points year-on-year. However, expenses have increased, with the sales expense ratio rising to 5.3% and the management expense ratio remaining at 9.3% [4][5]. Forecast and Valuation - The company is expected to achieve revenues of 1.97 billion RMB, 2.14 billion RMB, and 2.35 billion RMB for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 3%, 9%, and 10%. The net profit attributable to shareholders is projected to be 118 million RMB, 135 million RMB, and 162 million RMB for the same years, with corresponding P/E ratios of 24, 21, and 17 [5][7].

Group 1: Financial Performance - The company's operating revenue for Q3 2024 was 47,164.87 million yuan, showing a year-on-year decrease [1] - The net profit attributable to shareholders was 2,222.66 million yuan, also reflecting a year-on-year decline [1] - Basic earnings per share were 0.23 yuan, with diluted earnings per share remaining the same, down 47.73% year-on-year [1] Group 2: Market and Product Strategy - The company experienced slight growth in operating revenue and gross margin in the small B segment compared to the previous year [2] - New products were launched in categories such as glutinous rice products, baked goods, and prepared dishes, with continuous upgrades in core products like oil sticks [2] - The company aims to enhance customer service and product innovation to maintain market share amid intense competition [2] Group 3: Market Environment - The competitive landscape remains fierce, with no significant changes compared to Q2 [2] - There has been a decrease in banquet consumption, while terminal dining services like breakfast and hot pot have seen growth [2] - The company is focusing on controlling raw material and production costs to mitigate competitive pressures [2]

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